Douglas Olsen
Indiana University Bloomington offers institutional aid to its students, which is a smaller percentage compared to other similar schools. The average need-based scholarship or grant awarded to first-year students at Indiana University Bloomington is $13,418, with 41% of first-year students receiving need-based financial aid in fall 2022. Indiana University Bloomington also offers merit-based aid, with the average non-need-based scholarship or grant awarded to first-year students being $6,255. Additionally, 37% of all students take out federal loans, with 6% of students taking out private loans. On the other hand, Indiana University Indianapolis offers a need-based scholarship or grant of $12,671 on average, with 67% of first-year students receiving need-based financial aid in fall 2022. The average non-need-based scholarship or grant awarded to first-year students at Indiana University Indianapolis is $4,646.
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What You'll Learn
Indiana University Bloomington's financial aid program
The average annual federal loan amount for students at Indiana University Bloomington is $5,489, which is $102 less than the average for public schools. However, federal loans may not be a good sign, as they can burden students with too much debt. Generally, schools with strong financial aid programs will have students with more federal loans than private loans.
Indiana University Bloomington gives a smaller percentage of its students institutional grants than similar schools. This may indicate that its financial aid program is less competitive. The university awarded over $1.2 billion in financial aid in the 2020-21 academic year, bringing in talented students from diverse socioeconomic backgrounds.
When evaluating the strength of Indiana University Bloomington's financial aid program, it is important to consider the amount of non-federal financial aid awarded and the percentage of students receiving grants. The size of the grant is also crucial, as a larger grant can provide more significant assistance to the recipient.
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Indiana University Bloomington's average federal loan amount
Indiana University awarded over $1.2 billion in financial aid in the 2020-21 academic year. The university's financial aid program is considered less competitive than similar schools, as a smaller percentage of students receive institutional grants.
At Indiana University Bloomington, 37% of all students take out federal loans, which is 20% lower than the average percentage for public schools. The average annual federal loan amount is $5489, which is $102 less than the public school average.
The median federal loan debt among borrowers who completed their undergraduate degrees at Indiana University Bloomington is $19,509. This is calculated based on a 10-year repayment period at 5.05% interest, resulting in a median monthly payment of $207.
Additionally, 10% of graduating students take out private loans, with an average debt of $46,730 at graduation. The average private loan amount is $14,177, which is significantly higher than the public school average.
It is worth noting that 31.0% of undergraduate students at Indiana University Bloomington utilize federal student loans, with an average loan amount of $6,034 per year. The university's default rate for federal loans is considered very good when compared to the average three-year default rate of 9.3%.
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Indiana University Bloomington's tuition and financial aid
Indiana University Bloomington offers financial aid to its students in the form of grants, scholarships, fellowships, and federal, state, or local government agency aid. In the 2019/2020 academic year, the average reported annual net price for students receiving grants or scholarship aid was $16,282. This net price includes tuition and required fees, books and supplies, and the average cost of room and board and other expenses. The net price is the out-of-pocket total cost that students pay or finance through student loans.
The amount of financial aid awarded to students is based on their financial need, and the cost of tuition varies depending on the student's residency, degree program, and whether they are an undergraduate or graduate student. Students from select states, including Illinois, Michigan, Kentucky, and states participating in the Midwest Student Exchange Program, may qualify for reduced tuition through the Indiana Partner tuition rate.
Indiana University Bloomington's average annual federal loan amount is $5,489, which is lower than the average for public schools, which is $5,591. The university also offers work-study jobs as part of its financial aid packages. However, it is important to note that Indiana University Bloomington gives a smaller percentage of its students institutional grants than similar schools, which may result in less competitive financial aid offerings.
In the 2020-21 academic year, Indiana University awarded over $1.2 billion in financial aid to its nearly 90,000 degree-seeking students across its seven regional campuses and online programs. This financial aid helped attract talented students from a diverse range of socioeconomic backgrounds.
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Indiana University Indianapolis's tuition and financial aid
Indiana University has nearly 90,000 students across seven campuses and online, 57% of whom are female, and 27% are domestic students of colour. Indiana University Bloomington gives a smaller percentage of its students institutional grants than similar schools, which may indicate less competitive financial aid. However, 83% of students received financial aid in 2022–2023, and the university awarded over $1.2 billion in financial aid in 2020-21, bringing in talented students from diverse socioeconomic backgrounds.
Tuition and fees at Indiana University vary by campus, residency, degree programme, and whether the student is an undergraduate or graduate. Students from select states, including Illinois, Michigan, Kentucky, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Ohio, and Wisconsin, may qualify for reduced tuition through the Indiana Partner tuition rate.
At Indiana University Indianapolis, the total cost is $26,685 for in-state students and $49,953 for out-of-state students. The net price, which is the average cost after aid and scholarship funds are discounted, is $14,272 for in-state students and $39,751 for out-of-state students receiving need-based aid. The average need-based scholarship or grant awarded to first-year students is $12,671, and 67% of first-year students received need-based financial aid in fall 2022. Indiana University Indianapolis met 67% of its students' financial aid needs. Merit-based aid, also called non-need-based aid, is awarded for specific talents or academic achievements, with the average non-need-based scholarship or grant awarded to first-year students being $4,646.
Indiana University Bloomington has a flat-rate tuition fee, which allows students to take up to 40 credit hours across the fall, spring, and August and winter intersessions for the same cost. This helps students save money by taking their desired number of credit hours without paying extra tuition. The average annual federal loan amount is $5489, which is lower than the average for public schools.
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Indiana University's student body composition
Starting with Indiana University Bloomington, the student body is composed of a mix of in-state and out-of-state students. The total cost of attendance, including tuition, fees, and living expenses, is $28,900 for in-state students and $57,592 for out-of-state students. The university offers financial aid to its students, and the average net price after aid is $13,875 for in-state students and $46,483 for out-of-state students. In terms of financial aid, 41% of first-year students received need-based aid in the fall of 2022, with an average award of $13,418. Additionally, 37% of all students take out federal loans, and 6% take out private loans.
On the other hand, Indiana University Indianapolis has a different student body composition. The total cost of attendance is $26,685 for in-state students and $49,953 for out-of-state students. The average net price after aid is $14,272 for in-state students and $39,751 for out-of-state students. This campus has a higher percentage of students receiving need-based aid, with 67% of first-year students receiving aid in the fall of 2022. The average need-based scholarship or grant awarded was $12,671.
It is important to note that the percentage of students receiving financial aid may vary from year to year and between different campuses. Additionally, the availability of scholarships and grants can impact the overall student body composition, as some students may be attracted to the university due to the availability of financial aid.
Overall, Indiana University's student body composition is diverse, with a mix of in-state and out-of-state students, and the university offers financial aid to support students in their studies.
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Frequently asked questions
41% of first-year students received need-based financial aid in fall 2022. 37% of all students take out federal loans, and 6% take out private loans.
The average need-based scholarship or grant awarded to first-year students at Indiana University Bloomington was $13,418. The average need-based self-help aid awarded to first-year students was $3,305. The average non-need-based scholarship or grant was $6,255.
67% of first-year students received need-based financial aid in fall 2022.
The average need-based scholarship or grant awarded to first-year students at Indiana University Indianapolis was $12,671. The average need-based self-help aid awarded to first-year students was $3,178. The average non-need-based scholarship or grant was $4,646.
